| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.6% | 19.25% | 25.15% |
The Heartland Value Plus Fund returned 19.25% in the second quarter, outperforming the Russell 2000 Value Index return of 17.19%. Small stocks outpaced large caps as the Russell 2000 gained 21.49% versus 15.20% for the S&P 500. Five of the six biggest contributors were semiconductor or electrical component manufacturers benefitting from AI infrastructure buildout, many held for several years before AI materialized. Companies like Littelfuse now derive 20% of revenue from data centers, up from immaterial levels, with bookings up over 20% year over year. The fund also found opportunities outside AI, including FirstCash, the world's largest pawn operator benefitting from high gold prices with pawn fees up 39% year over year, and Century Communities, a homebuilder trading at 0.81X book value despite recent sector M&A at higher multiples. Management emphasizes these holdings demonstrate strong fundamentals including attractive valuations, healthy balance sheets, and prudent capital allocation through rising dividends and buybacks. The strengthening economic environment provides a promising tailwind for small cap value participation across multiple sectors.
The fund maintains a disciplined small cap value approach focused on high-quality businesses with strong balance sheets and prudent capital allocation, finding opportunities both within AI-beneficiary technology names held for years and in overlooked segments trading at attractive valuations.
The fund remains committed to participating in the current rally while adhering to its 10 Principles of Value Investing. Management continues to find opportunities across sectors that align with their disciplined approach, including both AI-beneficiary names held for years and overlooked segments like consumer finance and homebuilders. The strengthening economic environment provides a promising tailwind for small cap value. The fund is positioned to benefit from both the ongoing AI infrastructure buildout through existing holdings and from attractively valued businesses in sectors overlooked by the AI boom.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 15 2026 | 2026 Q2 | CCS, FCFS, LFUS | AI, Capital Allocation, Data centers, semiconductors, small caps, technology, value |
LFUS FCFS CCS |
Heartland Value Plus outperformed in Q2 with a 19.25% return, driven by semiconductor and electrical component holdings benefitting from AI data center buildout and overlooked value opportunities in consumer finance and homebuilding. The fund's disciplined approach identified high-quality businesses with strong capital allocation trading at attractive valuations, participating in the rally while managing risk through its 10 Principles of Value Investing framework. |
| Mar 31 2026 | 2026 Q1 | SF, SIMO, WH | Buybacks, dividends, Hotels, small caps, technology, value |
SIMO WH SF WH WH |
Heartland Value Plus matched its benchmark in Q1 as small-caps outperformed amid broadening market conditions, though geopolitical risks from Iran war cloud the outlook. The fund emphasizes companies with strong capital allocation through buybacks and dividend increases, with 90% of holdings repurchasing shares. Management remains focused on value principles to navigate uncertainty. |
| Jan 12 2026 | 2025 Q4 | BLDR, LAMR, WCC | Advertising, Buybacks, dividends, industrials, real estate, small caps, value |
ITGR CMCO ALEX LAMR WCC BLDR |
Small-cap value fund targeting companies with strong fundamentals and management confidence demonstrated through buybacks and dividend growth. Expects 15% small-cap earnings growth in 2026 as markets broaden and falling rates benefit smaller companies. Key positions include advertising leader Lamar and industrial distributor WESCO, both positioned for strong 2026 performance despite recent underperformance. |
| Oct 9 2025 | 2025 Q3 | BRC, MTRN, PBH, PHIN | Auto Parts, Buybacks, Capital Allocation, dividends, earnings, Rate Cuts, small caps, value |
BRC PHIN MTRN PBH |
Small-cap value fund capitalizing on first earnings growth since 2021 and Fed rate cuts benefiting small companies. Focus on self-help strategies with 84% of holdings buying back stock and 61% growing dividends. Key positions include Brady Corp, Phinia auto parts spin-off, and materials producer Materion. Cautiously optimistic on improving fundamentals while maintaining disciplined value approach. |
| Jul 11 2025 | 2025 Q2 | BRC, MTRN, PBH, PHIN | Auto Parts, Buybacks, Capital Allocation, dividends, materials, Rate Cuts, small caps, value |
GTES SIMO NVST BRC PHIN MTRN PBH |
Small-cap earnings are growing year-over-year for the first time since 2021, creating tailwinds for Heartland's focus on well-managed companies with self-help strategies. The fund targets secular winners allocating capital wisely through buybacks and dividends, with holdings like Brady Corp and Phinia Inc positioned to benefit from improving demand dynamics and Fed rate cuts. |
| Mar 31 2025 | 2025 Q1 | FCFS, GTES, THG | industrials, insurance, Patience, self-help, small caps, value |
THG FCFS GTES |
Heartland Value Plus declined 8.23% in Q1 amid small-cap weakness and trade war fears. The fund focuses on self-help companies strengthening their competitive position independent of macro conditions. Key holdings include Hanover Insurance reducing catastrophic exposure, FirstCash benefiting from consumer stress, and Gates Industrial positioned defensively despite industrial sector concerns. Patient value approach emphasized. |
| Jan 13 2025 | 2024 Q4 | FBK, SMTC | financials, Quality, Regional Banks, self-help, small caps, technology, value |
FBK SMTC |
Heartland Value Plus focuses on small-cap self-help stories trading at attractive valuations rather than post-election momentum plays. Key holdings FB Financial and Semtech exemplify the approach: quality companies with operational improvements, strong balance sheets, and significant discounts to historical averages or peers. The fund positions for potential small-cap outperformance while maintaining discipline on valuation and quality metrics. |
| Sep 30 2024 | 2024 Q3 | GTES, HAYW | Capital Allocation, industrials, rates, self-help, small caps, value |
GTES HAYW |
Heartland Value Plus gained 7.93% in Q3 as small caps outperformed on Fed rate cut optimism. The fund focuses on companies with self-help strategies and strong capital allocation rather than waiting for demand recovery. New positions include Gates Industrial Corporation and increased Hayward Holdings weighting, both industrial companies with margin improvement potential and competitive advantages. |
| Jun 30 2022 | 2024 Q2 | KMT, SAIC | Buybacks, Capital Allocation, consumer discretionary, industrials, small caps, value |
KMT SAIC |
Heartland Value Plus hunts for small-cap green shoots during a challenging quarter, focusing on undervalued companies at trough multiples with strong capital allocation. Holdings like Kennametal and SAIC offer self-help stories with insider buying and active buybacks. The manager expects small-cap earnings recovery in the latter half as markets eventually broaden beyond mega-cap tech dominance. |
| Apr 15 2024 | 2024 Q1 | KMT, MHK | consumer, earnings, industrials, Recession, self-help, small caps, value |
MHK KMT |
Heartland Value Plus Fund sees opportunity in small caps that have endured recession-like conditions and implemented self-help measures. With Russell 2000 earnings expected to outgrow large caps in 2024 and many companies trading at attractive valuations after operational improvements, the fund initiated positions in Mohawk Industries and Kennametal as examples of this thesis. |
| Oct 1 2024 | 2023 Q4 | - | Defensive, Fed policy, risk management, small caps, value | - | Heartland Value Plus underperformed in Q4 as markets favored speculative stocks over the fund's defensive value approach. Despite challenging conditions driven by Fed rate cut expectations, managers maintain discipline around their 10 Principles of Value Investing while making modest adjustments to sector allocations and selectively seeking higher-beta opportunities within their value framework. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIThe AI trade continues to be powerful, driving strong performance in Technology stocks. Five of the six biggest contributors to the Strategy were semiconductor or electrical component manufacturers benefitting from AI infrastructure buildout. The fund has held many of these names for several years, well before AI materialized, and they are now benefitting from data centers as a new end market. |
Data Centers Semiconductors Infrastructure Technology |
Data CentersData center exposure has become a significant growth driver for portfolio holdings. Companies like Littelfuse now derive around 20% of business from data center and grid utility infrastructure, up from immaterial levels a few years ago. This segment is highly profitable and driving strong bookings growth exceeding 20% year over year. |
AI Infrastructure Power Electronics Grid Upgrade | |
Small CapsSmall stocks outpaced large caps in the second quarter with the Russell 2000 up 21.49% versus 15.20% for the S&P 500. Small cap value is now participating in a strengthening economic environment, which represents a promising tailwind. The fund is finding compelling opportunities across various industries within small caps. |
Russell 2000 Value Outperformance | |
BuybacksCapital allocation through stock buybacks is a key theme across multiple holdings. Companies like Littelfuse, FirstCash, and Century Communities are actively repurchasing shares at attractive valuations. This is one of the three capital allocation signals the fund monitors closely when evaluating investments. |
Capital Allocation Shareholder Returns Value | |
DividendsRising dividends are a consistent feature across portfolio holdings. Littelfuse, FirstCash, and Century Communities are all growing their dividends alongside buyback programs. This represents prudent capital allocation and is one of the fund's three key capital allocation signals. |
Capital Allocation Shareholder Returns Income | |
GoldHigh gold prices are benefitting FirstCash, the world's largest pawn shop operator. Gold jewelry remains the dominant collateral asset across FirstCash storefronts, and elevated gold prices allow the company to issue larger loans and collect larger fees. Pawn fees were up 39% year over year boosted by strong gold prices. |
Commodities Consumer Finance Pricing | |
ValueThe fund continues to find attractively valued companies trading at discounts despite strong fundamentals. Century Communities trades at less than 1X book value despite recent M&A activity in the sector at higher multiples. Littelfuse trades at a discount to peers despite strong growth. The fund's 10 Principles of Value Investing guide identification of these opportunities. |
Valuation Book Value Discount Fundamentals | |
HomebuildersHomebuilders like Century Communities are trading at historically low valuations below 1X book value due to concerns about mortgage rates and affordability. Recent M&A activity by Berkshire Hathaway and Sumitomo at higher multiples suggests near-term pessimism is fully priced in. Even small improvements in housing demand should provide meaningful upside. |
Housing Valuation M&A Real Estate | |
| 2026 Q1 |
Small CapsThe Russell 2000 Index outperformed the S&P 500 in Q1 as market breadth improved. Small-cap tech stocks performed well after suffering setbacks last year, with valuations remaining reasonable compared to large-cap AI stocks. |
Russell 2000 Market Breadth Outperformance Valuations Tech |
ValueThe fund follows 10 Principles of Value Investing focusing on fundamentals like valuations, balance sheet strength, and earnings dynamics. Low prices, low debt, and high earnings growth potential provide margin of safety during uncertain times. |
Value Investing Fundamentals Margin of Safety Balance Sheet Earnings | |
BuybacksNearly 90% of portfolio companies have active share buyback programs, which the managers view as a sign of management confidence in operational performance and strategic plans. This is one of three key capital allocation indicators they monitor. |
Share Buybacks Capital Allocation Management Confidence Portfolio Holdings | |
Dividends60% of portfolio holdings are currently boosting their dividend payouts, representing another positive capital allocation signal. Dividend increases indicate management confidence and provide income during volatile periods. |
Dividend Increases Capital Allocation Income Management Confidence | |
| 2025 Q4 |
Small CapsSmall-cap earnings continued to gain strength with expected 15% profit growth in 2026, slightly exceeding S&P 500 forecasts. The market is beginning to broaden out as small value stocks outpaced the Magnificent 7. Falling interest rates should disproportionately help small caps as emerging businesses are more sensitive to refinancing costs. |
Small Cap Earnings Broadening Rates Value |
ValueThe Value Plus Strategy focuses on bottom-up fundamentals including attractive valuations, quality balance sheets, and sound business strategies. The manager continues to see opportunities in companies that had been overlooked earlier in the year but appear well-positioned for strong earnings growth in 2026. |
Value Fundamentals Overlooked Earnings | |
BuybacksThe manager likes to see improving fundamentals confirmed by active share buybacks, insider buying, and growing dividends as signs of management confidence. A majority of companies in the portfolio are active in at least two of these three focus areas, including LAMR and BLDR which have been active on buyback programs. |
Buybacks Management Confidence Capital Allocation | |
AIThe artificial intelligence trade suffered a November pullback amid growing concerns about overinvestment in the sector along with a reassessment of who the ultimate winners of this disruptive technology might be. This contributed to market broadening as the Magnificent 7 underperformed. |
AI Overinvestment Pullback | |
| 2025 Q3 |
Small CapsFor the first time since 2021, small-cap earnings have been growing year-over-year, signaling improved demand dynamics. The Russell 2000 Index gained 12.39% in the quarter, outperforming the S&P 500. Small companies are likely beneficiaries of lower financing costs and growing risk appetite from the Fed's rate-cutting cycle. |
Russell 2000 Earnings Growth Rate Cuts Outperformance Demand |
BuybacksThe fund pays close attention to companies allocating capital wisely through share buybacks, viewing them as management's signal that stock is undervalued. Currently, 84% of portfolio companies are in active buyback mode, with examples like Brady Corp and Phinia Inc executing consistent repurchase programs. |
Capital Allocation Share Repurchases Management Signal Undervalued Self-Help | |
DividendsGrowing dividends are viewed as a sign of management confidence in future profits and cash flow. Currently, 61% of portfolio holdings have increased their dividends in the past year, representing a key criterion for stock selection and capital allocation assessment. |
Dividend Growth Cash Flow Management Confidence Income Distribution | |
ValueThe fund follows 10 Principles of Value Investing to identify financially sound, well-run businesses with positive profit dynamics trading at attractive prices relative to earnings, book value and cash flow. Examples include Phinia trading at 6x EV/EBITDA and Materion at 1.7x sales. |
Undervalued Price-to-Earnings Book Value Cash Flow Valuation | |
Auto PartsPhinia Inc represents the auto parts theme as a spun-off company making fuel systems for vehicle manufacturers and aftermarket. The company is the third player in a three-company oligopoly controlling 80-90% market share, with significant aftermarket exposure accounting for 40% of revenues and close to half of operating profits. |
Aftermarket OEM Market Share Oligopoly Fuel Systems | |
| 2025 Q2 |
Small CapsFor the first time since 2021, small-cap earnings have been growing year-over-year, signaling improved demand dynamics. The Russell 2000 Index gained 12.39% in the quarter, outperforming the S&P 500. Small companies are likely beneficiaries of lower financing costs and growing risk appetite from the Fed's rate-cutting cycle. |
Russell 2000 Earnings Growth Rate Cuts Outperformance Demand |
BuybacksThe fund pays close attention to companies allocating capital wisely through share buybacks, viewing them as management's signal that stock is undervalued. Currently, 84% of portfolio companies are in active buyback mode, including Brady Corp and Phinia Inc which are consistently buying back stock. |
Capital Allocation Share Repurchases Management Signal Undervalued Active | |
DividendsGrowing dividends are viewed as a sign of management confidence in future profits and cash flow. 61% of holdings have increased dividends in the past year, with companies like Brady Corp consistently increasing dividends as part of wise capital allocation strategies. |
Dividend Growth Management Confidence Cash Flow Capital Allocation Income | |
ValueThe fund follows 10 Principles of Value Investing to identify financially sound, well-run businesses with positive profit dynamics trading at attractive prices relative to earnings, book value and cash flow. Examples include Phinia trading at 6x EV/EBITDA and Materion at 1.7x sales. |
Undervalued Earnings Multiple Book Value Cash Flow Attractive Prices | |
Auto PartsPhinia Inc represents the auto parts theme as a spun-off company making fuel systems with multiple ways to win. The company is the third player in a three-company oligopoly controlling 80-90% market share, with considerable exposure to the stable after-market business accounting for 40% of revenues. |
Fuel Systems Oligopoly Market Share After-market Spin-off | |
| 2025 Q1 |
ValueThe fund focuses on attractively priced, well-managed companies with high-quality balance sheets, low debt, and positive earnings dynamics through their 10 Principles of Value Investing. They seek companies trading at material discounts to historical multiples despite strong fundamentals. |
Value Investing Discount Balance Sheet Earnings Multiples |
Small CapsThe fund invests in small-cap companies, with performance compared to the Russell 2000 Value Index. Small stocks were particularly hard hit in the quarter, down 9.5% versus 4.3% for the S&P 500, creating opportunities for patient value investors. |
Russell 2000 Small Cap Volatility Opportunity Patience | |
| 2024 Q4 |
Small CapsThe fund focuses on small-cap stocks that have posted two consecutive strong years, with potential for a third positive year based on historical patterns. The manager believes higher-quality small stocks will eventually participate in the market rally as smaller companies benefit from easing monetary policy and fiscal stimulus. |
Russell 2000 Market Breadth Quality Valuation Historical Patterns |
ValueThe strategy adheres to 10 Principles of Value Investing, focusing on attractively priced, well-managed companies with high-quality balance sheets. The fund seeks companies trading at discounts to peers and historical averages, such as FB Financial at 1.8X tangible book value and Semtech at 20-25% discount to peers. |
Valuation Multiples Book Value Discount Principles Attractive Pricing | |
Regional BanksThe fund concentrates on banks with relatively cheap valuations operating in geographical areas showing strong signs of growth. FB Financial exemplifies this approach, operating in Tennessee, Kentucky, North Georgia, and Alabama with strong deposit and loan growth across its portfolio. |
Southeast Growth Markets Deposit Growth Loan Growth Geographic Focus | |
| 2024 Q3 |
ValueThe fund focuses on companies with compelling self-help strategies and strong capital allocation policies that are being rewarded in the current market. The manager emphasizes companies actively taking steps to improve their financial strength, competitive advantage, and operational efficiency rather than simply waiting for sales to improve. |
Self-help Capital allocation Operational efficiency Undervalued Margin improvement |
Small CapsThe Russell 2000 Index of small stocks gained 9.27% in the third quarter versus 5.89% for the S&P 500, as the market began to broaden out in anticipation of Federal Reserve interest rate cuts. An easing cycle should benefit stocks positioned for an uptick in earnings once demand dynamics improve. |
Russell 2000 Market broadening Rate cuts Earnings uptick | |
RatesThe Federal Reserve began cutting short-term interest rates for the first time since the global pandemic, with optimism around an easing cycle helping lift small stocks. Rate cuts could eventually lead to a modest demand push, especially for companies tied to housing, as lower borrowing costs may spark an uptick in demand. |
Fed cuts Easing cycle Lower borrowing costs Demand improvement | |
| 2024 Q2 |
Small CapsThe fund focuses on small-cap value investing during a challenging quarter where the Russell 2000 fell 3.28%. The manager is hunting for green shoots and expects small-cap earnings to improve in the latter half of the year, especially once Magnificent 7 tech stocks are removed from comparisons. |
Russell 2000 Value Earnings Recovery |
BuybacksMore than 85% of holdings are engaged in active buybacks, which is the highest percentage in recent memory. The fund views buybacks as a signal that shares are undervalued and favors companies with strong capital allocation policies including active stock buybacks. |
Capital Allocation Undervalued Shareholder Returns | |
ValueThe strategy focuses on undervalued companies trading at trough multiples while at trough earnings. The fund seeks disciplined bargain hunting opportunities with companies that have low trading multiples, strong free cash flow, and solid balance sheets. |
Trough Multiples Free Cash Flow Balance Sheets | |
| 2024 Q1 |
Small CapsSmall caps underperformed large caps in Q1 but are expected to see faster earnings growth in 2024 (11.3% vs 10.6% for large caps). Many small companies have already experienced recession-like conditions and implemented self-help strategies, creating opportunities with wide valuation disparities versus mega caps. |
Russell 2000 Earnings Growth Valuation Self-help Recession |
ValueThe fund follows Heartland's 10 Principles of Value Investing, focusing on companies with low leverage, strong free cash flow, and successful capital allocation. They seek companies trading at attractive valuations that have implemented operational improvements and cost-cutting measures. |
Low Leverage Free Cash Flow Capital Allocation Operational Improvements Cost Cutting | |
| 2023 Q4 |
ValueThe fund adheres to Heartland's 10 Principles of Value Investing, focusing on well-managed, financially strong businesses with sound balance sheets trading at attractive prices. The managers emphasize patience, discipline, and risk-aversion as essential characteristics of value investing, refusing to abandon these principles despite challenging market conditions. |
Value Discipline Principles |
Small CapsThe fund invests in small-cap stocks, with performance compared to the Russell 2000 Index. The managers note that small-cap stocks surged 22.4% in the final nine weeks of the quarter, led by speculative, highly leveraged companies that stand to benefit in early cycle stages. |
Small Caps Russell 2000 Early Cycle | |
Risk AppetiteThe quarter saw a dramatic shift in risk appetite as investors embraced speculative, high-beta, and highly leveraged stocks. The managers describe this as a challenging environment for defensive-minded investors, with the market rewarding risk-taking behavior based on expectations of aggressive Fed rate cuts. |
Risk Appetite Speculation Leverage |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 15, 2026 | Fund Letters | Heartland Value Plus Fund | LFUS | Littelfuse, Inc. | Electronic Components | Electronic Components | Bull | NASDAQ | AI data centers, capital allocation, Dividend Growth, Electronic Components, infrastructure, Power management, semiconductors, Share Buybacks, technology, Value | Login |
| Jul 15, 2026 | Fund Letters | Heartland Value Plus Fund | FCFS | FirstCash Holdings, Inc. | Credit Services | Consumer Finance | Bull | NASDAQ | capital allocation, consumer finance, Cyclical Resilience, defensive, Dividend Growth, gold prices, Inflation beneficiary, Pawn Shops, Share Buybacks, Value | Login |
| Jul 15, 2026 | Fund Letters | Heartland Value Plus Fund | CCS | Century Communities, Inc. | Real Estate - Development | Homebuilding | Bull | New York Stock Exchange | book value discount, capital allocation, contrarian, deep value, Dividend Growth, homebuilding, M&A Target, Real Estate, Share Buybacks, Single family homes | Login |
| Mar 31, 2026 | Fund Letters | Heartland Value Plus Fund | SIMO | Silicon Motion Technology Corporation | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Arbitration Settlement, data centers, hyperscalers, margin expansion, Memory Components, semiconductors, turnaround, Value | Login |
| Mar 31, 2026 | Fund Letters | Heartland Value Plus Fund | WH | Wyndham Hotels & Resorts | Lodging | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | capital allocation, Consumer Discretionary, dividend, economic recovery, Franchising, Hotels, Share Buybacks, Value | Login |
| Mar 31, 2026 | Fund Letters | Heartland Value Plus Fund | SF | Stifel Financial Corp | Capital Markets | Capital Markets | Bull | New York Stock Exchange | Advisor Satisfaction, AI efficiency, Capital markets, EPS growth, financial services, organic growth, Value, wealth management | Login |
| Mar 31, 2026 | Fund Letters | Heartland Value Plus Fund | WH | Wyndham Hotels & Resorts | Lodging | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | capital allocation, Consumer Discretionary, dividend, economic recovery, Franchising, Hotels, Share Buybacks, Value | Login |
| Mar 31, 2026 | Fund Letters | Heartland Value Plus Fund | WH | Wyndham Hotels & Resorts | Lodging | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | capital allocation, Consumer Discretionary, dividend, economic recovery, Franchising, Hotels, Share Buybacks, Value | Login |
| Jan 12, 2026 | Fund Letters | Will Nasgovitz | ITGR | Integer Holdings Corporation | Health Care | Health Care Equipment | Bull | New York Stock Exchange | buybacks, Execution, Margins, Medicaldevices, recovery | Login |
| Jan 12, 2026 | Fund Letters | Will Nasgovitz | CMCO | Columbus McKinnon Corporation | Industrials | Industrial Machinery | Bull | NASDAQ | acquisition, Insiders, Integration, leverage, Margins | Login |
| Jan 12, 2026 | Fund Letters | Will Nasgovitz | ALEX | Alexander & Baldwin, Inc. | Real Estate | Diversified REITs | Bull | New York Stock Exchange | Balance_Sheet, Patience, realestate, Takeprivate, valuation | Login |
| Jan 12, 2026 | Fund Letters | Bradford Evans | LAMR | Lamar Advertising Company | Real Estate | Specialized REITs | Bull | New York Stock Exchange | advertising, buybacks, dividends, Elections, REITs | Login |
| Jan 12, 2026 | Fund Letters | Bradford Evans | WCC | WESCO International, Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Automation, Distribution, Margins, recovery, valuation | Login |
| Jan 12, 2026 | Fund Letters | Bradford Evans | BLDR | Builders FirstSource, Inc. | Industrials | Building Products Distribution | Bull | New York Stock Exchange | buybacks, Cyclicality, Housing, Insiders, recovery | Login |
| Oct 9, 2025 | Fund Letters | Bradford Evans | BRC | Brady Corporation | Industrials | Electronic Equipment, Instruments & Components | Bull | NYSE | buybacks, Consumables, data centers, dividends, Identification, margin expansion, Tuck-ins | Login |
| Oct 9, 2025 | Fund Letters | Bradford Evans | PHIN | Phinia Inc. | Consumer Discretionary | Auto Parts & Equipment | Bull | NYSE | aftermarket, Auto parts, buybacks, cost savings, deleveraging, oligopoly, rerating | Login |
| Oct 9, 2025 | Fund Letters | Bradford Evans | MTRN | Materion Corporation | Materials | Specialty Chemicals | Bull | NYSE | Capacity, divestiture, EBITDA, guidance, Margins, recovery, semiconductors | Login |
| Oct 9, 2025 | Fund Letters | Bradford Evans | PBH | Prestige Consumer Healthcare Inc. | Health Care | Pharmaceuticals | Bull | NYSE | Earnings-recovery, Integration, Inventory, Margins, OTC, supply chain, valuation | Login |
| Sep 30, 2025 | Fund Letters | Heartland Value Plus Fund | BRC | Brady Corp. | Industrials | Industrial Machinery | Bull | NYSE | Aerospace, data center, Dividend Growth, ID Solutions, Industrial Printers, Labels, restructuring, Share Buybacks, Tuck-in Acquisitions, Wire Marking, Workplace Safety | Login |
| Sep 30, 2025 | Fund Letters | Heartland Value Plus Fund | PHIN | Phinia Inc. | Consumer Discretionary | Auto Parts & Equipment | Bull | NYSE | Aerospace, aftermarket, Auto parts, deleveraging, Fuel Systems, hybrid vehicles, insider buying, market share gains, Oem, Off-highway, oligopoly, Share Buybacks, spin-off | Login |
| Sep 30, 2025 | Fund Letters | Heartland Value Plus Fund | MTRN | Materion Corp. | Materials | Specialty Chemicals | Bull | NYSE | advanced materials, Beryllium, high-margin, portfolio optimization, Record Margins, semiconductors, Specialty-Metals, Technology Applications, vertically integrated | Login |
| Sep 30, 2025 | Fund Letters | Heartland Value Plus Fund | PBH | Prestige Consumer Healthcare | Consumer Staples | Personal Products | Bull | NYSE | acquisition, Clear Eyes, Consumer brands, Dramamine, Eye Care, Inventory Restocking, multiple expansion, OTC Healthcare, supply chain, vertical integration | Login |
| Jul 11, 2025 | Fund Letters | Bradford Evans | GTES | Gates Industrial Corporation plc | Industrials | Industrial Machinery | Bull | New York Stock Exchange | aftermarket, Industrial, Margins, Pricing, tariffs | Login |
| Jul 11, 2025 | Fund Letters | Bradford Evans | SIMO | Silicon Motion Technology Corp. | Information Technology | Semiconductors | Bull | NASDAQ | hyperscalers, Margins, Revaluation, semiconductors, Storage | Login |
| Jul 11, 2025 | Fund Letters | Bradford Evans | NVST | Envista Holdings Corporation | Health Care | Health Care Equipment | Bull | New York Stock Exchange | buybacks, Dental, Margins, tariffs, valuation | Login |
| Mar 31, 2025 | Fund Letters | Heartland Value Plus Fund | THG | The Hanover Insurance Group, Inc. | Financials | Property & Casualty Insurance | Bull | NYSE | Catastrophic Losses, combined ratio, Dividend Growth, investment portfolio, Property & Casualty Insurance, risk management, turnaround, Value | Login |
| Mar 31, 2025 | Fund Letters | Heartland Value Plus Fund | FCFS | FirstCash Holdings Inc. | Financials | Consumer Finance | Bull | NASDAQ | Collateral, consumer finance, Counter-cyclical, Credit risk, defensive, Dividend Growth, Pawn Shops, Share Buybacks, Value | Login |
| Mar 31, 2025 | Fund Letters | Heartland Value Plus Fund | GTES | Gates Industrial Corporation plc | Industrials | Industrial Machinery | Bull | NYSE | All-weather, Auto Replacement Parts, balance sheet, Cyclical, industrial machinery, Margin Improvement, Self Help, Share Buybacks, Value | Login |
| Dec 31, 2024 | Fund Letters | Heartland Value Plus Fund | FBK | FB Financial Corporation | Financials | Regional Banks | Bull | NYSE | deposit growth, Dividend Growth, insider buying, loan growth, net interest income, regional banks, Southeast, tangible book value, Value | Login |
| Dec 31, 2024 | Fund Letters | Heartland Value Plus Fund | SMTC | Semtech Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Asset Divestiture, data centers, deleveraging, EBITDA Discount, IoT, Management Change, semiconductors, Signal integrity, turnaround | Login |
| Sep 30, 2024 | Fund Letters | Heartland Value Plus Fund | GTES | Gates Industrial Corporation | Industrials | Industrial Machinery | Bull | NYSE | Aftermarket Parts, Defensive Revenue, industrial machinery, manufacturing, margin expansion, market leadership, turnaround, Value | Login |
| Sep 30, 2024 | Fund Letters | Heartland Value Plus Fund | HAYW | Hayward Holdings | Industrials | Building Products | Bull | NYSE | aftermarket, Building Products, Cyclical Recovery, Housing, margin expansion, oligopoly, Operational Leverage, pool equipment | Login |
| Jun 30, 2024 | Fund Letters | Heartland Value Plus Fund | KMT | Kennametal, Inc. | Industrials | Industrial Machinery | Bull | NYSE | Cost Reduction, Cyclical Recovery, Industrial Cutting Tools, insider buying, operating leverage, restructuring, Share Buybacks, turnaround | Login |
| Jun 30, 2024 | Fund Letters | Heartland Value Plus Fund | SAIC | Science Applications International Corp. | Information Technology | IT Services | Bull | NYSE | Contract Recompete, Dividend Growth, free cash flow yield, government contracting, Government IT Services, insider buying, Management Change, turnaround | Login |
| Mar 31, 2024 | Fund Letters | Heartland Value Plus Fund | MHK | Mohawk Industries | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | Automation, Cyclical, Flooring, manufacturing, operating leverage, Self Help, Trough Valuation, turnaround, Value | Login |
| Mar 31, 2024 | Fund Letters | Heartland Value Plus Fund | KMT | Kennametal | Industrials | Industrial Machinery | Bull | NYSE | Aerospace, Cost Reduction, Cutting tools, Defense, energy, Industrial, infrastructure, operating leverage, Trough Valuation, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| LFUS | Littelfuse (LFUS), an electronics component supplier specializing in power management fuses for electrical products. The company's products have historically been used in telecommunications, consumer electronics, and the industrial sectors. What has gotten the market's attention lately are Littelfuse's high-medium voltage protection products, which are key to the AI data center buildout. A few years ago, the company's data center/grid utility infrastructure sales were largely immaterial. Today, that has grown to around 20% of the business and is highly profitable. The stock has surged 40% since the end of March, after the company delivered a very strong quarter. Bookings are up more than 20% year over year while EPS continues to rise. Just as important, management is using those growing earnings to return cash to shareholders through rising dividends and stock buybacks. Yet even after large stock gains over the past 12 months, LFUS continues to trade at a discount to its peers, which are sporting an average multiple of nearly 40X earnings. |
| FCFS | FirstCash (FCFS), which couldn't be further away from the AI trade. FirstCash is the largest pawn shop operator in the world. As many consumers struggle with rising inflation, pawn loan demand is likely to remain strong. Meanwhile, gold jewelry remains the dominant collateral asset across FirstCash store fronts. And high gold prices allow FCFS to issue larger loans and collect larger fees. The company recently reported another strong quarter and raised guidance across the board. Pawn fees were up 39% year over year boosted by strong gold prices. Even better, management is using increased earnings to return cash to shareholders via a rising dividend in addition to stock buybacks. Better still, if the economy were to hit a speedbump, we would expect FCFS to hold up well due to its business model. Despite its recent price appreciation, FCFS still trades at 13x EBITDA using our 2026–2027 EBITDA estimates. This is in line with its long-term averages, and we believe this demonstrates that the price appreciation is following earnings growth. Meanwhile, management continues to grow the dividend and has an active buyback program in place. |
| CCS | Century Communities (CCS), a Denver-based builder of single-family homes predominantly in the West, Southwest, Mountain states, and Southeast. High mortgage rates and concerns about home affordability have kept demand for new houses tempered. As a result of the poor sentiment, CCS shares are trading at less than 1X book value—0.81X to be exact. We do not know when demand for housing will pick up or what will happen with interest rates. What we do know is that these historically low valuation levels are attracting patient, long-term capital, resulting in multiple take-outs in the space in the past six months. Berkshire Hathaway, for instance, recently acquired public homebuilder Taylor Morrison at 1.1X book value, and the Japanese conglomerate Sumitomo acquired Tri Pointe Homes for 1.2X book value. We believe this is a sign that near-term pessimism is fully priced into current valuations, and some of these stocks offer considerable long-term value when conditions do improve. Even small improvements in housing demand should provide meaningful upside. In the meantime, CCS continues to hit two of our three capital allocation signals by buying back stock at these discounted valuations while continuing to grow the dividend. |
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